Palantir shares plummet 22 percent after quarterly loss

Sweaker business is affecting the controversial US data analysis company Palantir. Palantir announced that sales growth of a quarter to 470 million dollars is expected for the current quarter. That’s well below the 49 percent increase in the prior-year quarter and analysts’ expectations of $487 million. In the first quarter, revenues increased by 31 percent to $446 million. This has also added to the share price. This fell by almost 22 percent on Monday.

Palantir works for the US military, the CIA and other agencies, among others. In the meantime, however, orders from companies such as Ferrari and IBM are also playing an increasingly important role. Experts assume that the Ukraine war is currently clouding business.

Palantir writes losses

From January to March, the company’s net loss narrowed to about $101 million from about $123 million. The net loss was an improvement from the same period last year, but was higher than analysts had expected. The loss was 5 cents a share, Palantir said in a statement Monday.

The Denver-based company is known for its work in support of national defense and pandemic response for the US and its allies, as well as its polarizing co-founders Peter Thiel and Alex Karp. Palantir has revised its software in recent years to tailor the product more individually to each customer. Growth in enterprise users, on the other hand, has historically been slow.

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